Is Ethereum Poised For A Record Break? Top Analyst Says $5K is Coming Soon – Here’s Why

Samuel Edyme

1 year ago

3 mins read

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Prominent crypto analyst Jelle has projected Ethereum (ETH) to surge to $5,000 by the end of this year. This prediction comes with a notable reason from a technical perspective.

Ethereum Rally: Setting the Stage For New Peaks

Jelle’s forecast comes after Ethereum is experiencing a form of stabilization above the $3,500 mark, following a correction from its March high of over $4,000.

As the crypto community watches closely, Jelle’s insights suggest significant bullish potential for Ethereum, particularly as the market anticipates the launch of spot Ethereum exchange-traded funds (ETFs).

Jelle’s analysis points to a pivotal moment for Ethereum. After a brief dip in price, Ethereum has rebounded, reaching as low as $3,384 last Friday; the asset is currently trading around the $3,500 mark and demonstrating a recovery though with a 2.2% decrease in the last 24 hours and nearly 5% over the past week.

This stabilization is a minor fluctuation and a critical support level that could foresee significant price movements. According to Jelle, “ETH successfully turned $3,500 into support. Very few people are ready for this one to make new all-time highs, but $5,000 ETH is very much on the menu this year. Let’s roll.”

This statement underscores a strong conviction that Ethereum is recovering and gearing up for a substantial upward trajectory.

The current market dynamics provide a fertile ground for such optimism. Ethereum’s resilience in maintaining key support levels amidst market fluctuations bodes well for its potential to breach previous highs.

The anticipated introduction of spot Ethereum ETFs is expected to inject further vigor into its market cap, attracting institutional and retail investors drawn to its ecosystem and the promise of enhanced liquidity and regulatory compliance.

$ETH successfully turned $3,500 into support!

Very few people are ready for this one to make new all-time highs, but $5,000 ETH is very much on the menu this year.

Let’s roll. pic.twitter.com/k438SvCX2o

— Jelle (@CryptoJelleNL) June 17, 2024

Strategic Movements and Market Sentiments

The broader crypto market, especially Ethereum, is buzzing with activity, anticipating the spot on ETH ETFs. Recent data from NewsBTC highlights that the crypto community is particularly bullish on Ethereum, as evidenced by the substantial number of contracts that expire ETH options.

Most of these are call options, betting on Ethereum’s price rise, with a notably low put-call ratio of 0.36, signaling a strong bullish sentiment among traders.

This optimistic outlook is further supported by significant buying activities from permanent holders, particularly institutions. On June 12, these investors made one of the largest daily purchases of Ethereum, buying 298,000 ETH, just shy of the record 317,000 ETH purchased on September 11, 2023.

Ethereum (ETH) price chart on TradingView — ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

Such investment activity not only underscores the confidence in Ethereum’s long-term value but also indicates a market poised for a rally, especially with potential catalysts such as the approval of ETH spot ETFs on the horizon.

Moreover, QCP Capital’s analysis reinforces this sentiment, noting Ethereum’s higher implied volatility than Bitcoin. This suggests that while the general crypto market might experience subdued activity by summer, Ethereum could see significant trading volumes and price action, particularly if the ETFs start trading live.

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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